The ACE Group announced the formation of its agriculture property and casualty insurance business, ACE Agribusiness. ACE Agribusiness is comprised of Penn Millers Insurance Company, acquired by ACE in 2011, and the Farm and Ranch division of Rain and Hail Insurance Service, acquired by ACE in 2010.
ACE Agribusiness will offer farm and ranch and specialty property and casualty commercial insurance products and services to the agriculture market.
“Unifying the Penn Millers commercial agricultural business and Rain and Hail’s Farm and Ranch division under the new name — ACE Agribusiness — strengthens ACE’s offerings in this segment. It also builds upon ACE’s leading franchise, broadening our portfolio in this market, by bringing ACE’s specialty commercial property and casualty expertise to agriculture businesses,” said Michael Coleman, division president, ACE Agriculture. “We’re pleased to have the opportunity to align these combined property and casualty offerings under the ACE brand. And we’re pleased to expand our substantial agricultural market capabilities through these specialty niche businesses serving the agriculture market.”
Rain and Hail, an insurance subsidiary of the ACE Group, will continue to offer its comprehensive suite of crop products including multi-peril crop insurance, crop hail coverages, and named peril products specific to the agriculture market, under its existing name.
Source: ACE Group
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